Introductory Economics

PrefacePart 1 Tools and Problems Chapter 1 Macroeconomic Problems What Is Economics? Macro- Versus Microeconomics Macroeconomics Goals and Problems The Great Depression The Forties The Fifties The Sixties The Phillips Curve The Seventies What Happened to the Phillips Curve? The Eighties and Beyond Summary Discussion Questions Test Yourself Economic Controversies I: Another Great Depression? The Coming Bust We Can Manage Prosperity Discussion Questions Chapter 2 Supply and Demand The Concept of Demand The Demand Curve The Concept of Supply The Supply Curve Changes in Supply The Market at Work Some Applications Inflation: A Preview Review of Market Actions Summary Discussion Questions Test Yourself Chapter 3 The Problem of Unemployment The Unemployment Rate The Labor Market Cyclical Unemployment Structural Unemployment Frictional Unemployment Unemployment Insurance The Goal of Full Employment How Serious Is the Unemployment Problem? Summary Discussion Questions Test Yourself Chapter 4 Understanding Inflatio What Is Inflation? The Inflation Record Economic Effects of Inflation The Role of Expectations Winners and Losers The Power of Compound Inflation Coping with Inflation Measuring Inflation Three Inflation Measures Real Versus Nominal Values Summary Discussion Questions Test Yourself Economic Controversies II: Inflation or Unemployment? Winners and Losers Unemployment Is More Important Fight Inflation First Discussion QuestionsPart 2 A Simple Model of the Economy Chapter 5 Measuring Economic Activity Gross National Product GNP as a Measure of Well-Being Three Views of GNP A Grain of Salt Real Gross National Product Per Capita RGNP International Comparisons Summary Discussion Questions Test Yourself Chapter 6 Aggregate Demand Spending and Income Macroeconomic Equilibrium Is Equilibrium Good? Consumption Spending Investment Spending Government Spending Net Export Spending The Aggregate Demand Curve Changes in Aggregate Demand Slope of the AD Curve Appendix: The Keynesian 45-Degree-Line Model Summary Discussion Questions Test Yourself Chapter 7 Aggregate Supply and the Economy Aggregate Supply The Aggregate Supply Curve Changes in Aggregate Supply Macroeconomic Equilibrium Inventory Adjustments Causes of Unemployment Causes of Inflation The Old-Time Religion Wage and Price Controls Indexation Increasing Aggregate Supply Winners and Losers from Economic Policies Summary Discussion Questions Test Yourself Economic Controversies III: Wage and Price Controls Controls Are Useful Price Controls Are Bad Discussion Questions Chapter 8 Fiscal Policy The Role of Government Government Spending The Multiplier The Multiplier in the Real World Taxes The Balanced-Budget Multiplier Different Types of Taxes The Total Tax Burden Tax Expenditures Transfer Payments Automatic Stabilizers Advantages and Disadvantages of Fiscal Policies Deficit Spending and the National Debt Summary Discus